Market analysis by Franck Nicolas, Head of Investment and clients solutions.

"During the initial phase of the turnaround in high-risk American assets, equities and high yield moved very similarly. In contrast, since mid-2012, equities have been accelerating more quickly, outpacing the credit market by a decent margin.

Over the past few weeks of trading, equities and high yield have even moved in opposite directions, since the S&P 500 continued to climb while America's Citigroup high yield market index recorded a few declining sessions.